Helpful Small Business Insurance Terms and Definitions
General Liability Insurance
Professional Liability Insurance
Errors and Omissions Insurance
Cyber Liability / Data Breach Insurance
Workers' Compensation Insurance
Business Owner’s Policy
Data Breach Insurance
Certificate of Liability Insurance
Additional Insurance Offerings
4.9 out of 5 Customer Rating
Get in-depth information on essential insurance coverages.
Certificate of Liability insurance
An online crime in which a hacker threatens to damage your business unless you pay a ransom.
Cyber extortionists may threaten to harm you, your reputation, or your property if you do not comply with their demands. Cyber extortion can take many forms. For example, the cybercriminal may use "ransomware" to encrypt your data, which means you can't read your data without the encryption key – and the cybercriminal will withhold this key until payment is made.
Any website, computer system, or email sever can be "held hostage" by cyber attackers who will only cease and desist when their demands have been met. Since most small businesses operate with the help of computers, cyber extortion is a growing problem, which is why Cyber Liability Insurance offers important protection for small-business owners.
RETURN TO GLOSSARY